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morning. i'm mark haines. >> i'm erin burnett. front and center, benjamin s. bernanke. >> yes. >> will be testifying in front of the house financial services committee about the economy and anything else they want to talk about. that'll be live in an hour. >> how about the exit strategy? imagine there will be some questions about that. the sec meets on possibly curbing short sales. huge issue for the market. full details coming up. >> and president obama meeting with key business leaders. it's all happening during this show. we've got a lot of breaking news, big headlines for you. we will be all over it, mark. how are your futures? >> not too good. >> no. >> up 0.70. we get a little break here because we closed a point above fair value. but, you know, looking at maybe 15, 20 points on the dow at the open. let's hit the markets. peel back the layers of the onion starting with brian shactman at the big board. >> thank you. listen, asia and europe were pretty mixed. germany, their economy in an absolute standstill. doint need to go over bernanke and all things going on in d.c. wi
on a bailout for the debt-strapped country. >>> on exit strategy, ben bernanke unveiling his plan for the fed's next move. and the house of mouse, disney posting strong quarterly results and investors are responding. a cnbc exclusive with ceo bob ieger, "squawk box" begins right now. >> good morning, everybody. welcome to "squawk box" here on cnbc. i'm becky quick. joe and carl are out today. steve liesman is spending the week on set with me and this morning we are joined by "fortune" magazine editor andy soerwer. >> good to be here. >> meantime, wall street is bracing for a winter storm this morning as the second snowstorm in a week descend eds on new york. washington, philadelphia, they are expected to be hit and hit hard. the federal government in washington is closed for a third straight day at an estimated cost of $100 million in lust productivity. government offices in boston, baltimore and philadelphia all announcing that they will be closed. congress, by the way, is canceling votes and rescheduling hearings. the united nations headquarters in new york city shutting down schools all th
. >> if you want to keep jobs here, you have to find a way to incentivize corporations. bernanke's height rate plan. we will take a look at the policy shift. >> it costs $150 billion a year to treat alzheimer's. medivation is helping find a cure. the stock is up 80% of the year. their ceo joins us about their late stage development drug. >>> the fed is set to unveil its rate hike plan. it is going to be a delicate balancing act for policymakers. steve liesman heads big reporting on this story for weeks, months, maybe years, joins us now with the very latest update. steve, what are they cooking up? >> you know, the question, you know, fed chairman goes to the hill wednesday. the question is whether we will hear anything new from the considerable talk from the fed already about the exit strategies which we reported quite a bit. fed has been transparent about the plans to unwind easy policies. not necessarily in one place. the reason the fed wants to let markets know what it is cooking up for the piece. but afraid too much talk to believe war over the financial cries sis over. the fed does want t
't paying attention. my lead of the bernanke speech was discount rate to be hiked. my lead on the minutes was -- >> it sounds like -- >> let me finish, melissa, just be clear, my sources are telling me in the wake of this that the concept there's another bit to come is not necessarily true. they may stop here. so the idea that somehow they're just beginning this process of going back to 100 over on the fed funds is not true. it's out there in a lot of stuff. they may stop here. >> rich bernstein -- >> i want to ask both of you. do you think fed funds december 31, 2010 will be higher than they are today? >> well, let me answer that question and put it back to you. the typical forecast, is that the unemployment rate will be 9.5% or higher. also, that the inflation rate over the last year will be 1 to 1.25%. i have to ask you if you think at that point the fed would begin to tighten? you tell me. >> first of all, i think the bond market will -- i don't think the bond market looks at core. i hate to argue with on you this one, but if we find the inflation rate starts breaking 3, 3.5, we break
up at a senate hearing today with fed chairman ben bernanke. >> we have a situation in which major financial institutions are amplifying a public crisis for what would appear to be for private gain. i want to ask you here whether or not you think there ought to be limits on the use of credit default swaps to prevent the intentional creation of runs against governments. do you have any quick comments on that? >> using these instruments in a way that intentionally destabilizes a company or a country is... is counterproductive, and i'm sure the sec will be looking into that. we'll certainly be evaluating what we can learn from the activities of the holding companies that we supervise here in the u.s. and joining me with the latest on all this is roben farzhad, senior writer for "bloomberg business week" magazine. in general terms first, what exactly is chairman bernanke promising to look into? >> this has for the better part of the decade been the great big unknown, this world of derivatives which are largely unregulated secondary investment vehicles. they're almost train of thought.
't you tell us what you think after hearing a couple days of bernanke's testimony on the hill. does it change your outlook on what the fed is doing? >> no, as long as they use the magic words, extended period, we know the fed will be on hold for at least six months. that's what bill dudley told us. he said extended period was the language the fed has put in the policy statement, means at least six months. it was a phrase repeated by st. louis fed president bullard recently. so whenever bernanke puts his word in on it as well, we can feel assured that the fed is not likely to move for at least six months. the fed needs to be very clear at this day and age. so if they're telling us that that's what extended period means, that's what it means. and so, until there's some other clarifying comments, that's what we have to go on. >> we had somebody who told us yesterday that maybe they could move 25, 50 basis points. it's not the extended period but they're focusing on the incredibly low rates. either one of you guys quily think that's the case? >> the focus is on the extraordinary program
that was reiterated by ben bernanke on capitol hill, people started buying stocks. our futures are down right now so this roller coaster ride looks like it will continue today. >> i'm assure you were watching prosecute akio toyoda testified before lawmaker on capitol hill. what did you make of tat testimony and his appearance there. >> i thought he was very sincere. i thought that he was very good to speak in english and not do the ## (voice of translator): later as best he could. i thought congress was very easy on him compared to the way they treated tim geithner and ben bernanke and some others here over the last few months. but by and large, i think the meat and potatoes was the day before. i think that was when we really got to the crux of the matter what we needed to do and what congress needed to do as a governing body in relation to the situation. i think yes, there was more of an opportunity for the president to speak to the american people, the president of toyota, that is, and he did that. >> thank you, chris. we'll see you tomorrow. and here at hem, just what you thought it was safe tou
news from ben bernanke, who gave testimony to nobody because of the snow. testimony which said he isn't going to tighten until the economy gets better, bizarrely. those comments initially send the market down hard. it made me think, what does the market say, what is wall street saying to him. they wanted to say, i'm going to plug the market with money even if things get good. would they have preferred them to tell us all is well, and i'm tightening right now? thankfully bernanke continues to do the right thing. i'm calling him the grown-up in chief. finally, i think we're going to see a real stimulus package coming out of congress. a bipartisan effort that will produce real jobs that use real equipment and fix real infrastructure. are you listening my friend? that's big news. it signals that the administration may be able to walk, chew gum and botch health care reform all at the same time. the bottom line, we slip through obama and china today. maybe this is the beginning of something big that will permanently sideline our two least favorite sea monsters. or maybe it's just a breather
commercial real estate? i guess that you were all looking and listening to chairman bernanke when he talked about the next wave of defaults in the real estate area. >> yes. chair come well last questions, thank you very much -- develop last request questions. new loan fund than they did under the t.a.r.p. capital programs. one very important difference is that tarp was intended to provide capital for banks to assure their viability under conditions. this is powerful program designed to get banks to lend because as you know the dividend rate on this new capital can drop dramatically if and only if banks lend beyond where they are lending today. couple other points. the small banks we're talking about, have done a pretty good job of maintaining lending balances during this very difficult recession. we think many of them are eager to lend, and by providing them with more capital, in this case capital that could increase their tier 1 capital by 30 to 50% they should be more confident about able to support existing assets and increase their lending at the same time. >> it just brings me back mem
garzarelli, president of garzarelli capital. wednesday, federal reserve chairman ben bernanke testifies on capitol hill about the state of the economy. and monday, we charge ahead with new credit card rules. they go into effect that day, so we look at how they'll affect the bottom line of banks. >> susie: profitability was not a safe bet for nevada casinos last year. casinos posted their biggest- losses ever. the state's gaming board says the industry lost nearly $7 billion in fiscal 2009. more than half of that-- $4 billion-- was in properties along the las vegas strip. the only bright spot, from a financial standpoint: people drank more! alcohol sales rose 2%, while revenue tied to casinos, rooms and food, all dropped. >> tom: a month after toyota's massive gas pedal recall announcement and we're learning just how busy some auto repair shops have been. two large toyota dealers, auto nation and penske auto group have fixed more than 17,000 toyotas each. penske says the accelerator problems cost $70 to fix. that's the cost to toyota. so based on penske's assessment, toyota may spend up
assurances by the federal bank. ben bernanke offered an up beat report on the nation's recovery yesterday. he told congress interest rates will remain low to encourage borrow ing. the dow rose 91 points after dropping more than 100 the day before. >> we have no idea which way the economy is going. bernanke has no idea which way the economy is going. >>> officials in florida are collecting eyewitness accounts in yesterday's deadly attack at seaworld, orlando, where an experienced trainer was killed by a 12,000-pound whale. the 40-year-old victim was snatched from the platform as the audience looked on in horror. witnesses say the killer whale thrashed her back and forth and dragged her under water. it's the third time this killer whale has been involved in a human death. >> the third time. a killer whale kills three times. the officials say they're not going to put the whale down wha killer whales do. >>> time to go to willie geist looking at what's going on in vancouver. willie? >> reporter: that's a terrible story, mika. let's move on to the olympics here. the hockey was the big story yester
ben bernanke told congress that record low interest rates are stillness. they said they will keep their key interest rate to near zero for what he called an extended period. it has been between zero and 2.5%. at some point the fed will have to tighten credit but he did not give a timeline. >>> another move on the hill to help the financial recovery. the jobs bill that will give tax money to employers to hire unemployed workers, they green lighted a more expensive measure, but the bill was some businesses who hired the unemployed from paying payroll tax for the rest of the year and gives them a $1,000 credit. >>> there are some good numbers to pass along. the federal government projects a number of industries will lose jobs in 2018 even after the economy picks up. department stores expected to lose the most, 10% of the 1.5 million positions compared to 2008. semi conductor manufacturing will lose 34% of the 432,000 positions and motor vehicle manufacturing could see an 18% trop from it's 535,000 positions. >>> martinez will begin recognizing same-sex marriages starting immediately
as soon as possible. >> fed chairman ben bernanke says jobs are the key to economic rebound. meanwhile, there is more bad news from the housing front. despite continuing tax incentives, new home sales in january unexpectedly plunged to record low. senate democrats are working on a follow-up jobs bill that is more expensive and likely more controversial. >> we have big news for all you tweeters. yahoo! in twitter have announced eight content sharing deal. yahoo! reached a similar agreement with facebook back in december. twitter will start showing up in yahoo! search results right away. after a warm reception from holiday shoppers, toys r us is extending its lay around -- led layaway program for big ticket items. >> still to come, new details on the issue of pension plans for the baltimore city police and fire departments. >> being an olympian may be tiring, but being analytic family is exhausting. how they are dealing with the how they are dealing with the >> most of us can only imagine what it is like to be an olympic athlete. but imagine what it is like to be an olympic family? it ca
. in the meantime, send it to cnbc's julia boorstin for the market wrap. >>> fed chairman ben bernanke vowed to keep rates low. yahoo! and twitter announced a deal that would allow users to cross access updates and streams. yahoo!'s efforts to tap social networking, they struck a similar deal with netbook in december. >>> divisions are ski rocketing, much due to states hard hit leaving funding for education. nevada is among states raising 10 to 15%. that's it for cnbc, first in business worldwide. david, over to you. >> julia, thank you very much. >>> if your child was not making the grade, who would you blame, the teacher or the student? rhode island central falls high school has a 52% dropout rate. only 48% of the students get their diplomas. last night the school board voted five to two to fire the entire teaching staff and many administrators. the teachers and administrators got a pink slip effective at the end of the year. the school superintendent said enough is enough. >> we are your business. >> report cards based on the entire manner in which we run our schools. >> joining us from rhode isl
. musberger. >> that's where the sum is mitt will be taking place. for the second time today ben bernanke will come face to face with lawmakers who want his exit strategy from the drastic measures the fed took to keep the economy going. >> steve, what can you tell us about not annual what the fed chair said, but did he give a hint on where interest rates are headed? >> he did. he said what are considered on wall street, chuck, the magic words that the fed will remain exceptionally low for an extended period. that phrase has guided wall street's forecast for where the fed will be. it basically means the fed will not change policy for six months. you sat there, read the testimony. as soon as he said those words you knew they were safe. so the idea is the fed leading up to this had done some mechanical things that some in the market mistook for the beginning of tightening, but they were just what the fed called normalization. so the fed chairman needed to say that and he said it. what i think is because banking and regulatory reform is alive in the senate, if not the house -- remember, they
uptick in global trade activity. fed chairman ben bernanke beginning to lay out a strategy for weaning the economy off the stimulus plan. the time for such steps has not yet arrived. a surprise dip in mortgage applications as rates on 30-year loans fell to their lowest since debs and wall street looking at a bailout for debt burdenened greece. now back to "hardball." >>> welcome back to "hardball." the headline in the "washington post"/abc poll. good news for republicans. bad news for the democrats. it reads on major issues republicans gain ground on president obama. what do both parties make about the shifting ground? steve mcmahon a democratic strategist, todd harris a republican strategist. if you are a democrat these are big, bad numbers. in february of this year, the democrats were trusted by 56% of the people. which party do you trust to do the better job coping the the main challenges. the white side is a year ago. the democrats were big on the trust issue, unemployment, health care, foreign policy. look at the numbers 43 to 37. the democrats only a little bit ahead. six points
's promise to end no bid contracts. >> bret: federal reserve chairman ben bernanke says he is keeping his eye on goldm mman satches and other firms make -- goldman sachs and other firms that are looking line creasingly they might default on debt. the recent bad weather may have short-term but not long-term impact on unemployment. the jobless claims shoot up by 22 thousand last week. it didn't set well on wall street. orders to u.s. factories for big ticket items shot up in january by 3%. most of that were for commercial aircraft. we told you of incidents where the obama administration has given no-bid contract with firms to ties to democrat. tonight in fox include exclusive, correspondent james rosen has a similar account on what could be life and death in post-9/11 era. >> from the terror of the anthrax attacks born an initiative president bush called project bioshield. >> the budget will have $6 million to make available effective vaccine and treatment. >> since then, handful of biodefense firms using lobbyists and the competitive bidding conferentract had huge awards. the department of hea
. >> people orchestrated the bailout and ben bernanke and others says this makes them sick and it's what they hated the most. >> if you don't get the "fox business" network, you should demand it. so says neil cavuto. >> shepard: word of a rough standoff in the town of mccomb, illinois. it appears what's happened is a gunman is in a farm king store, which i'm told is a supermarket. and he's been shooting up the place. it's apparently, according to the reports from mccomb, illinois, north and west of the capital, two people may be dead. is that true? two people shot. my bad. we don't know their status. we know a couple people have been shot. people came out of the store crying and the s.w.a.t. team is there. the local reporter heard shots fired again. two farm king employees are hold up in an -- holed up in the office and eyewitness told the local tv the police, fire and ambulance crew are on the scene. the shooting is taking place now according to authorities. i just -- we have no idea who is doing the shooting and why these employees are holed up in the place. but we're getting crews fro
are definitely rae reacting today to the fed's move to discount banks. ben bernanke hinted last week it was coming, but economists thought the fed would wait until next month's meeting to do so. they did it yesterday after the bell. the fed says this won't impact rates for consumers. that's a key point and that the key benchmark rate will still stay at historic lows for quite a while. but even so, asian markets fell overnight. europe also lower. but like i said, we've turned things around. we've gotten some other data and pieces of news today. consumer prices rose 0.2% last month while the core rate, that's the one that's figured without food and energy, fell 0.1%. retailer jcpenney earned 84 cents a share for its latest quarter. that's 2 cents above the street estimate. so things are looking a little better for retail than what we had thought. and toyota's president now says he will testify at a congressional hearing next week. and that the automaker's gas pedal and brake recalls. akio toyoda says he looks forward to speaking directly with congress and the american people. you remem
. bernanke will lay out a plan for credit tightening. another big headline, former merrill lynch chief john thain picked to lead cit. it brings together two prominent casualties of the credit crisis. >> "the washington post" after the massive snowstorm, they are ready to get hit again tomorrow. >> the snow at their home was up to their waist. >> your mom has an art exhibit here. what are they 82? >> 82 and 80. and they drove up. >> once you have to drive through nazi check posts to escape the country, it's nothing getting through jersey. >> i was worried, but they are just fine. she has a big opening tonight it will be fun. >> my art exhibit was there last week. >> it was? did you show your postcards? that's good. >>> michael lke allen has the m playbook. the joint summit on health care. i like the idea if you think it will give the idea of health care reform momentum. >> well, sure. i think people in both parties wonder why now? we said on this show, one of the easiest things for the president to have done was to call republicans, turn on c-span, msnbc and say what have you got? he is fina
deficit, we have big budget-- deficits. people like alan greenspan and ben bernanke gave us the largest downturn since the great depression. that is why we have a huge budget deficit. we didn't have a huge tax cuts. we had stimulus and response to the downturn. we have higher unemployment if we have not had that but let's be clear if we are upset about the deficit greenspan and bernanke, i don't know why we reappointed bernanke. in terms of the entitlement programs, yeah we have a public pension program, which is hugely popular. you look at polling day that-- i was at a conference this morning in social security is over 90%. they ask people would you be willing to pay higher taxes to sustain sosa security benefits and 70 to 80% said yes. i don't see any problem with running a pension program through the public sector. what is the problem with the? it is usually popular. health care costs, medicare again. we are providing medicare health care benefits for seniors. that is also hugely popular. you have these tea party people out there yelling don't let the government touch medicare. they
, it by them. >> thank you. chairman bernanke, i think chairman frank mentioned the deficit in passing and the debt. that is what i want to ask you about. that is the elephant in the room. we have reduced our debt is going to double in the next five years, a triple in the next 10 years. it is fueled by historic deficits. i heard this morning on television that we have many cases across the united states and children and adults that are walking out on thin ice. they walked out day after day and they get some comfort and nothing happens. the thin ice is dangers. i submit that this type of budget half is a dangerous. i would ask you -- i do not believe that our present budget passed is sustainable. my first question, it is our budget path sustainable? secondly, is there a need for the congress to come up with a concrete plan to change p that the toath? do you believe there is urgency in that? >> you asked about sustainability. you are talking of the medium term charge of a deficit that remains after the economy has returned to normal levels of activity. estimates of the sexual deficit ran
for banks in the country. host: ben bernanke referred yesterday to short-term political liability for this. guest: i think he is absolutely correct. people tend, under these kinds of conditions, to one to blame someone. the problem with that is there are plenty of people to blame. we deregulated the industry. the congress deregulated the industry. there was a culture, if you will, of deregulation. and this encouraged some of what i call speculative activities that led to the bubbles and then the collapse. yes, you had this reaction. i think it is an overreaction, and the outcome would be -- as you try to blame someone you get worse outcomes rather than better outcomes, and i think that is what the chairman was trying to communicate. host: does the banking committee and the members, are they right to be angry at the fete at all? guest: if they're going to be angry, i think they have to be angry at everyone, including themselves. they allow these organizations to get bigger and more risk oriented. and yes, and regulatory agencies because of this culture -- the regulatory agencies because of
. there's been a huge decline in our confidence of the future, and ben bernanke has painted a grim picture of the economy for the rest of this year. you put it all together, you have a jobless and very weak economic recovery, bill. bill: here's what you guys talk about on the fox business network, and everybody, they write about it in the "wall street journal," about a double-dip recession. how do we know if that's true, if it's happening, or are the pieces adding up, like the jobs number today and the home sales number you talked about yet thato yesterday that came out for neb? >> we're all looking at future, what's the economy going to look like in six months. it looked like we were progressing nicely through 2010 with a solid rate of growth, now we're negative on how the company will perform in the summer and fall of this year. i don't say we're going to get a double-dip recession but we're not going to get the robust 3 percent and 4 percent growth people hope for. we might go up in the spring and then down a little bit as we get into the summer and fall. not good. bill: stu, thank you,
. people still point to may of '07 when bernanke says subprime is 9% of mortgages, right? they're not infallible. and we can't expect them to be, i guess, is the answer, right? >> none of us is infallible. if you didn't learn that, you missed something over the course of the past three years. >> dan's with us for the rest of the program. we've got a lot more to talk about. >>> meantime, any questions or comments this morning, we'd love to hear from you. our address is squawk@cnbc.com. >>> when we come back, european exposure, debt crisis overseas, how some u.s. companies might be impacted. >>> still to come, olympic skiers headed to the starting gate at whistler while bankers in new york await a possible auction. we'll get an update from daniel nu mudd, the ceo of fortress, just ahead. >>> time now for today's "aflac trivia question." what baseball player nicknamed the georgia peach amassed 4,189 hits in his career? this is not more benefits at greater cost to your company insurance. this is not how does it fit in my company's budget insurance. this is help protect and care for
bernanke. t.a.r.p. was supposed to be used to counter the mortgage crisis, not to bail out the big banks. do you believe mccain was misled? >> no, i don't, monica. the night before on nbc nightly news, you may remember john yang had a record that feerchbd john mccain saying because of his experience, he was best equipped to rhett republic arizona. now, in western inventory knack ewe lar, this ain't john's first rodeo. when he suspended his campaign to go back to washington to sit face-to-face with those decisionmakers, now a couple years later, he's telling us he was misled? i have to tell you, this is isn't revision of history. that sounds more like john kerry in 2004 than the john mccain i used to work with. >> and the mccain camp is attacking your spending record. they have a radio ad saying you talk like a conservative, but you spend like a liberal. they're citing your vote for the bridge to nowhere. you supported the 2003 medicare prescription drug benefit. what do you think of those ads? what do you think of those allegations? >> well, first of all, with all due respect, i understa
yesterday. fed chairman ben bernanke testifying again today on the hill. this time the senate banking committee. we got economic numbers today. we start with the good. the durable goods orders rose in nuary thanks in part to aircraft orders. the gain was the biggest since last july. first time claims for unemployment benefits jumped by 22,000 last week. not a number we want to see jump to 496,000. labor department says the weather that shut down government offices, as you well know, may have been partly to blame. if that's the case, we'll see how this week turns out, too. and akio toyoda was choking back tears after receiving standing ovation at a rally with dealers and employees on wednesday. toyoda was grilled by lawmakers for more than three hours. he says toyota's top management will include a nonjapanese person. he is criticized for not having other nationality on the board. he was asked by an assembly line worker when the company can do to restore the public's trust. responding in english, he said, let's make a better car. and general motors will shut down hummer after they a de
and for the communities of america. host: ben bernanke cautioned senators not to curtail the fed's banking oversight, referring to short-term political liability for this. guest: i think he is absolutely correct. people tend, under these kinds of conditions, to want to blame someone. the problem with that is there are plenty of people to blame. we deregulated the industry. congress deregulated the industry. there was a culture, if you will, of deregulation, and this encouraged some speculative activities that led to the bubbles and then the collapse. yes, you have this reaction. i think it is an overreaction. i think the outcome would be -- as you try to blame someone, you get worse outcomes instead of better outcomes. i think that is what the chairman was communicating. it is certainly my message. host: senate banking committee -- are the right to be angry at the fed at all? guest: if they are going to be angry, they have to be angry at everyone, including themselves. they asked to eliminate glass-segall, which allowed these agencies to get better. the regulation backed off, if you will. in that ki
velshi later today. >> a lot of great stuff. >> ben bernanke will testify on the hill today. >> we'll get his prescription or a forecast on what will happen with the overall economy. a lot of questions. when will this economy be back to normal and what is normal? that means your job, home and bank. let's take a look at where we stand. the national association of business economics predicts job growth is on its way, forecasting 140,000 jobs per month will be added in 2010. in the new normal, no thing is ever as it seems. yesterday we found out mass layoffs rose last month for the first time since august. more than 180,000 folks fell victim to mass layoffs in january. we saw consumer confidence tumble. consumers are still very nervous. how about your house? your biggest asset most likely or what was once your biggest asset. one out of every four mortgages is under water. it means you owe more than the house is worth. foreclosure will continue. speaking of lenders, banks still in trouble. one out of 11 banks is at risk of going under. that's the problem bank lift, 140 banks were shut down la
bernanke is concerned about the nation's economic recovery. during the ceremonial swearing in for his second term, bernanke told staffers that despite a growing economy, far too many people remain unemployed. he also talked about the challenges facing the fed, which include protecting its independence from congress and making the institution more open and accountable. >>> president obama's aunt is preparing to make her second bid for political asylum. she'll go before an immigration judge if boston after defying a deportation order in 2004. she's expected to argue that ties to the president could make her a political target if she returns to kenya. her status was revealed shortly before president obama was elected in 2008. >>> and while many of you are gearing up for this sunday's super bowl, some in the nfl are worried that the game's days could be numbered. the players association fears owners will impose a work stoppage after the current collective bargaining agreement expires and they're taking their caught to capitol hill. the league says a new collective bargaining agreement wil
her terribly. >> some of the stories this morning at 10:00 a.m., ben bernanke is on capitol hill. all ears will listen to his take on job creation. this afternoon, the president will make his case for creating more jobs. it's going to happen at the business round table. >>> this afternoon in vancouver, fresh off the upset of team canada, the u.s. men's hockey team takes on switzerland. >> usa! usa! >> something tells me you are watching. >>> a star sentenced to five years in prison for shooting his limmo driver. it's been years coming. >> eight years in the running. this is a guy who literally had it all at one point. an nba all-star. one of the richest contracts in the league. prosecutors say he was playing with a shotgun, shot his driver, tried to cover it up. yesterday, a new jersey judge sentenced him to five years in prison. afterwards, he said he was sorry. >> i sincerely apologize for my actions that caused his death. i pray that today brings you some comfort. my children, you deserve a better father. son, brothers than i have been. >> he was apologizing to his victims there. h
, in studying history, unless you learn from it, all the economic experts and bernanke and obama included, understood in the great depression the one thing they did not do is spend enough fast enough in order to stimulate the economy in order to create sustainable growth which obama and bernanke are doing. >> so, jeanne, why is this package viewed so negatively by so many in the country one year later? >> well, i think that the democrats didn't necessarily sell it as it was, you know, throughout the year. they went off and did health care and then came back to jobs. you know, 2 million people may have been helped by it. but another 8 million lost their jobs. so, more people are feeling pain than benefit. and so as a result, i think most people don't -- don't appreciate or really understood that, you know, it was a limited package. people thought it should have been bigger. it helped, but it didn't resolve the economic crisis we were in. >> wow. ryan, what's your view on that? why do you believe so many people have such a negative view of the package? >> i have to agree. we didn't sell it
the federal reserve to take the lead on this. citing mr. bernanke does not want to step up and -- i think mr. bernanke, unfortunately, does not want to step up and take responsibility. i think the administration put a good deal of capital to work to make sure that he stayed on as chairman of the fed. but honestly, it would require presidential leadership at this point. we see encouraging signs, but also discouraging signs. the president said nice things about big bankers and their compensation just last week. you have to ask the white house where we are on this issue. host: simon johnson is the author of an upcoming book, "13 bankers." when will this come out? guest: when wilthe end of march. i do not think this problem is going to go away anytime soon. host: wyoming, republican line. caller: i would just like to say a few things and please do not cut us off because we do not get a chance to get in as many times as the democrats and the independent line. i'm a conservative woman of color. i notice every time on c-span and i get to be disappointed. and i will get to my question. i notice a ta
-span, federal reserve chairman ben bernanke testifies on capitol hill. president obama discusses his economic policies at a meeting with the u.s. business roundtable. and toyota executives testify at a hearing about their company's recalls. on tomorrow's "washington journal," we will preview health care summit with members of congress, including michael burgess of texas, diana degette, james clyburn, and bill cassidy. james clyburn -- julie rovner as well. >> live on thursday, day-long coverage of the health care summit. live from blair house, it will also include your reactions on c-span radio and c-span.org. >> now, federal reserve chairman ben bernanke. he told congress that the federal reserve will maintain low interest rates to help preserve the economy. this is about an hour. >> chairman frank, ranking member baucus, and other members of the committee, i am pleased to present the federal reserve's semiannual monetary policy report to the congress. i will begin with outlook -- comments on the outlook of the economy and for monetary policy. although the recession officially began more tha
:00. >> thank you and welcome chairman bernanke. Ñi i'm interested in the suggestion made recently about curtailing some of the investment banking risks they are taking. he brings up an important subject and touches on it. it's bigger than what he has addressed. when we repealed against ñrthis i also believe there's been a moral has order caused by a fra decision of a line of credit given to freddie mac. the concept still persists that it is too big to fail. nobody is going to walk away. there's this dpar untea that the government will be there to bail out anybody that looks like is going to shake it up. it doesn't matter the bad debt and burden on the american taxpayer. it is still there. creating a tremendous moral hazard. the real problem over the decades has been the perception put into the markets pretending there is a saveings ore actually capital out there. this is the moral hazard because they believe something that is not true. we see the disintegration of the system we have already created. we have already been in a final crisis. we are going to see this get worse and have to
corps which western intelligence believes is peterheading iran's missile program. ben bernanke is outlining the central bank's plan for reeling in stimulus money once the economic recovery is more firmly rooted. the a p rights in prepared remarks to the house committee mr. burning pieces the fed will start tightening credit by boosting the interest rate it pays banks at the central bank. to an in to booktv for a three day president's day weekend beginning saturday. others inform treasury secretary henry paulson talking with warren buffett on the 2008 economic collapse. afterwards, historian and pulitzer prize winner gary wills on how the atomic bomb change the presidency and the role of the u.s. in the world. all day monday, books on american presidents. fdr, as seen on president obama and our culture on ronald reagan. for the complete schedule go to booktv.org. . it is a little under two hours. >> meeting come to order. mahatghghandi, every worthwhile accomplishment has stages drudgery and triumph. in beginning struggle and victory. the effort to add comprehensive health care
week leading a charge to convince ben bernanke and geithner to use their power to increase liquidity for the commercial marketplace. good or bad idea? >> right. well, i don't want to see the government actually spending money. one of the problems we have in commercial real estate, in fact in small business lending is the regulators, government is leaning on small banks so hard they are scared to lend now. and it's an overreaction. we get overlenient on regulations sometimes and then overregulatory and i think we're having too much regulation today. gregg: your bottom line is government, butt out. brian wesbury, thanks for being with us. >> thanks, great to be with you. martha: surveillance camera images that are truly horrifying. a 15-year-old girl, hard to watch, folks -- savagely beaten, while security guard, the guys in the vests, standing around while the girl is kicked in the head. what are these people's excuses for what they did? and what is this city doing now to stop this? >> plus it looks more like the northeast than the south. can you believe this? a wicked winter storm is
will be listening to what ben bernanke has to say as he begins two days of testimony on capitol hill. right now you can get a great deal on any volkswagen. well, the tiguan's great. mm. and the routan has everything we're looking for. plus, every volkswagen includes no-charge, scheduled, care-free maintenance. so, what's this punchdub days about? you know, where you punch someone in the arm every time you see a volkswagen. red one! [ baby crying ] test drive? [ male announcer ] with great deals on all 13 models, it's a whole new volkswagen. and a whole new game. ♪ oh, just come snuggle with momma! missing something? now at sears optical, get 2 pairs of glasses for $99.99. with bifocals just $25 more per pair. sears optical. don't miss a thing. ♪ [ male announcer ] every business day, bank of america lends nearly $3 billion dollars to individuals, institutions, schools, organizations and businesses in every corner of the economy. america. ♪ growing stronger. every day. growing stronger. and island music] ♪ fa-diddle-diddle-do-do-do ♪ fa-daddle-daddle-la-da-da ♪ fa-diddle-diddle-leh-dee-d
bernanke also kept the market in check. he outlined the plan that the central bank will follow once the economy has recovered. bernanke was scheduled to deliver the testimony in person to a congressional panel, but the wearing was postponed because of, well, the storm. weather permitting, tomorrow we'll get the latest readings on jobless claim ace long with earnings on pepsico and viacom. and did i happen to mention it's snowing here? >> yes. is it making you a little grouchy? >> i'm not grouchy, i'm not going home. that's what's happening. >> hang in there. one year after hayleigh cummings vanished from her home, we hear from her father in jail on drug charges. we're going to talk about that next. >> the nasty winter weather is making roads deadly. earlier we showed you the stretch of interstate 80 in central pennsylvania. we have now learned, at least one person was killed after about 50 vehicles were involved in crashes. this is all in clearville county. another is said to have a serious leg injury because of all of this. no one is really going to go anywhere on the east coast to
in place. we had hank, ben bernanke tim geithner and sheila bair the head of the fdic. i know a lot of people in finance and a lot of people in business and government. and i can't think of for that would have done a better job of getting us through that. now it's kind of fashionable to look back and pick at one aspect or another of what was happening and our country's financial system froze up during that period. some of you in this room were at a party i was at in september of 2008, one to talk was the money market funds saved. if we have 3.5 trillion fun missile by 30 million people who on is and they might are worrying about whether they can get their money that was half of all the process held by u.s. banks at the time you have a panic. you had commercial paper frees up entirely in the biggest companies of the united states and some are described in this book that worried whether they were going to meet their payroll and a short period of time to read the sixth largest bank in the country in terms of the domestic deposits, washington mutual failed over a weekend. you had the th
closed yesterday. investors did have time to digest the news. the chairman of the fed ben bernanke basically telegraphed all this. he said that he was going to essentially be pushing up rates, tightening policy last week when he spoke before congress. analysts say the increase in the increase rate indicates that the fed is winding down a series of extraordinary programs it put in place to ease the economic crisis. so, in other words, the crisis is over. the rate increase is not going to directly affect borrowing costs for consumers and most businesses, but, as you see, it's putting the stock market under a little bit of pressure. right now we've got the dow off a little more than 27 points. also under pressure, shares of dell, the computer giant, reported disappointing fourth quarter earnings. sales rose during the holiday season, but those sales were cropped up by steep discounts that did cut into the company's bottom line. finally, well, the saints came marching in to the nyse this morning. three members of the super bowl champion new orlean saints rang that opening bell, looks l
decades. he made money too cheap. a lot of people want to put bernanke on mt. rushmore because he's making money cheap and guiding us through this crisis. >> it does raise us to this issue. rates were so low under alan greenspan was part of the problem and then we had this giant bubble and the bubble burst. instead of letting the bubble go back to flat we've been huffing and puffing by printing more money and trying to help everybody and make it easier to try to keep it inflated a little bit. it has so many holes in it will go down here at some point. >> you're right. all right. international superstar erin burnett. how many points exactly is the market going to go up m. >> i hate this. >> we'll see if it turns around by the end of the day. we'll have a lower open. i'll make it up. up plus 30. >> wrong. up 72. erin burnett, thank you. >> have a good weekend, guys. >> that's all i got. thank you for being with us, erin. that $100 that you have, it's worth about $72 now. >> mika stole it back. typical democrat taking your money. >> she's liberal. all right. coming up, new overnight developme
in three months and just a hair under 100 million. bernanke said yesterday that the job market remains weak even though the economy is recovering. there is some good economic news. everything from washing machines to airplanes jump 3d% in january and the second monthly increase in a row. >>> coca-cola is changing the way it does business. spending more than $12 million to buy the large bottler. from using independent bottlers to controlling the process. pepsi has recently moved in that direction, as well. >>> get this, a relative of burr nad madoff is changing her name. she is married to buernie's son mark. she filed court papers for herself and her two kids to drop the madoff name. she probably doesn't want that out there, robben . >> she just wants to leave the name alone. >> completely. she's still married. it's not that. it's just the name. >>> a teacher danceoff sounded like kind of a fun idea for a pep rally until it became a lap dance dance off. >>> one of the most taulked abot people at the olympics may be heading home. >>> if you're running late, you must not have signed up for my
's news, chairman of the federal reserve, ben bernanke, says there is a risk for high interest rates and high inflation. borrowing from china and buying huge amounts of oil from opec and we have to realize we have a mess in our hands but there is a solution. we can create jobs and grow our economy without raising taxes. it's a bipartisan american conservation and clean energy independence act, h.r. 2227. this bill uses the trillions of dollars from oil and gas exploration off or coasts, drive conservation and new technologies to improve energy efficiency, develop clean energy generation and infrastructure, rebuild america's independent transportation system and clean our air and water. and not only will we create a clean energy future but create good-paying jobs for years to come. the news tells us how they are but that's not how it has to be. join me in supporting the clean energy and conservation act. i yield back. the speaker pro tempore: the gentleman yields back the balance of his time. for what purpose does the gentleman rise? >> to address the house for one minute and to revis
bernanke who was named by bush the federal reserve chairman, henry paulson, the treasury secretary. they said if they didn't do this bailout, the abyss would've happened and it wouldn't have been a recession, it would have been a depression. >> well, you know, a lot of people did offer that chicken little scenario. and equally other economists and people in the real banking world, for example, a communication i received from the president of bb & t asking the 435 members of the house and the 100 members of the senate not to vote in favor of the bailout because the money would not end up being used by banks to be loaned to consumers and you would have banks under the thumb of greater government control. and, indeed, though i don't like to use hank bolson as a source, he made it very clear that while mccain in the end supported it, when john suspended his campaign to go back to washington, and voters thought he's going to make a stand for us. john, instead of being the tell it like it is straight talk express guy, he meekly read a couple of talking points and went ahead with the whol
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